Singapore Group makes play for Goodman Fielder

A move by broker UBS, on behalf of Wilmar International, to bid A$117.3 million for up to 10% of Goodman Fielder at 60 cents a share could be the first step towards a takeover offer worth $1 billion or more, according to media reports.

The Wilmar offer, which represents a 16.5% premium on Goodman’s last traded share price of 51.5 cents, pushed several of Goodman’s major shareholders to sell.

The offer came through from UBS after markets closed on Monday.

Goodman Fielder chairman Max Ould said that while he could not confirm the identity of the buyer, he suspects that Singapore-based Wilmar was behind the move.

According to the Australian Financial Review, Mr Ould suspects that Wilmar will make a full takeover offer if it is in fact behind the 10% offer.